Finland ranks first in world in annual global mining survey; eight of top 10 jurisdictions found in North America

Finland is the world’s most attractive jurisdiction for mining investment according to an annual global survey of mining executives released by the Fraser Institute, an independent, non-partisan Canadian policy think-tank.

The Fraser Institute Annual Survey of Mining Companies, 2014, rates 122 jurisdictions around the world based on their geologic attractiveness and the extent to which government policies encourage exploration and investment. In addition to being blessed with an abundance of mineral potential, Finland earned high scores for having clear regulatory guidelines, an effective tax regime and a robust labour market.

“This is the fifth consecutive year that Finland has ranked among the global top 10 for mining investment. The confidence miners show in Finland proves it’s possible to enact sound environmental protections and still maintain a successful mining industry,” said Kenneth Green, Fraser Institute senior director, Natural Resource Studies and director of the Survey of Mining Companies.

Canada and United States also fare prominently in this year’s survey: Saskatchewan is the top-ranked Canadian province—coming in second overall—while Nevada is the top U.S. state placing third. Eight out of the top 10 worldwide jurisdictions are, in fact, in North America.

“Both Canada and the United States have traditionally done well in this survey,” Green said.

“Many of the Canadian provinces continue to rank highly, buoyed by transparent and productive mining policies. Conversely, the survey suggests that investment attractiveness in the United States is being driven more by mineral potential than improvements in policy.”

Chile, ranked 13th overall, remains the most attractive jurisdiction for mining investment in Latin America and the Caribbean Basin, while the collective sub-national jurisdictions of Argentina experienced a 45 per cent increase in their overall scores from 2013.

The African continent, as a whole, bettered its performance from 2013, lifted by policy score improvements in Angola, Ivory Coast, Sierra Leone and Botswana. Namibia and Botswana top the list of African nations ranking 25th and 26th respectively.

Meanwhile, Malaysia, which finished 70th overall in 2013, is now the least attractive jurisdiction in the world for investment. The Oceania nation ranks last in mineral potential and 120th in policy perception.

The survey was conducted between August 26 and November 15, 2014 and includes the responses of 485 mineral exploration and development company executives from around the world. Exploration budgets reported by companies participating in the survey totalled US$2.7 billion in 2014 and US$3.2 billion in 2013.